Larry White is a professor of economics at George Mason University and is a returning guest to the show. He rejoins Macro Musings to talk about stablecoins, the history of free banking, and money market funds reform. Specifically, David and Larry also discuss the critiques levied against stablecoins, their impact on the banking system, and why stablecoins could be considered the new version of money market mutual funds. Transcript for the episode can be found here. Larry's Twitter: @lawrencewhite1 Larry's GMU profile: https://economics.gmu.edu/people/lwhite11 Larry's Alt-M profile: https://www.alt-m.org/author/white/ Related Links: *Should We Fear Stablecoins?* by Larry White https://www.alt-m.org/2021/06/24/should-we-fear-stablecoins/ *Taming Wildcat Stablecoins* by Gary Gorton and Jeffery Zhang https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3888752 *Overview of the Recent Events and Potential Reform Options for Money Market Funds* by the President's Working Group on Financial Markets https://home.treasury.gov/system/files/136/PWG-MMF-report-final-Dec-2020.pdf Larry White on India's Demonetization and Austrian Macroeconomics: https://macromusings.libsyn.com/47-larry-white-on-indias-demonetization-and-austrian-macroeconomics David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

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“What did the council decide on item 42?” — answered with the speaker and the moment.